Exports increased by 2.3 per cent in the month but the total value of exports was nearly 8 per cent lower than the January 2014 peak.
At this juncture is looks to be more likely than not that net exports will contribute to GDP in the third quarter, having subtracted from it in Q2, though time will tell.
The main driver is clear enough, being a 7.4 per cent decline in the commodity price index in Aussie dollar terms over the year to August 2015.
The dollar value of monthly merchandise exports to the US has jumped by an impressive 30 per cent over the past year, but this was more than offset by a sharp decline in exports to Japan.
At the state level a share of monthly exports Western Australia (42 per cent), Queensland (20 per cent), New South Wales (14 per cent) and Victoria (9 per cent) continue to be the major contributors.